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Bitcoin is currently trading between $930 - $950 right now

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140.85 said:
Why did this surge again? I didn't even think it was around anymore.
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Currency wars. Governments keep devaluing their currencies. The price increases of Bitcoin mainly come from China and the Yuan keeps falling in value.

People buy Bitcoin for the same sorts of reasons that they buy gold. Only with Bitcoin it's easier to transfer and does not require physical storage.
 
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Btw why is Doge still being given importance? It's a dead coin. Even litecoin is not a serious contender. New alts have taken their place.
 
Was it true that early Bitcoin miners drove up the price and availability of Graphic cards? Has that all stopped now?
 
I literally want to slam my head into a wall for hours when I think about how low the price was when I was fooling with BTC and how much money I could have right now.

My thinking was "lol, these fools. shits gonna crash any day now permanently"
 
Smfh, I could've been a billionaire but I decided to post on neogaf instead.
These prices are crazy lol.
 
I guess it's to late investing on a device that can be decent at mining these days?

Basically, only the ones who started early have a chance because they gradually upgraded by using parts of those earnings? As far as i know there are now devices exclusively made for bit-coin mining that are magnitudes more efficient than the most powerful GPUs you can buy, right?
 
Mousnis said:
I guess it's to late investing on a device that can be decent at mining these days?

Basically, only the ones who started early have a chance because they gradually upgraded by using parts of those earnings? As far as i know there are now devices exclusively made for bit-coin mining that are magnitudes more efficient than the most powerful GPUs you can buy, right?
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yep, the ship has sailed
 
Mousnis said:
I guess it's to late investing on a device that can be decent at mining these days?

Basically, only the ones who started early have a chance because they gradually upgraded by using parts of those earnings? As far as i know there are now devices exclusively made for bit-coin mining that are magnitudes more efficient than the most powerful GPUs you can buy, right?
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I'm pretty sure mining Bitcoin hasn't lead to a profit for almost anyone for a while now. Well, except malware developers.
 
tokkun said:
If your savings are in bitcoin, then you are still dependent on your country's bitcoin policy. It is not unthinkable that a country could make it illegal for their citizens to use bitcoin due to its facility for tax evasion and money laundering.
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Thanks to the nature of the technology, such laws would be impossible to enforce though, without a total police state. North Korea is probably the only nation on the planet that could actually manage it.

This is why I'm such a fan of the technology, even if bitcoin in particular may be a flawed early implementation. The more technologies we can develop that make it hard for governments to oppress their citizens, the better.
 
iamblades said:
Thanks to the nature of the technology, such laws would be impossible to enforce though, without a total police state. North Korea is probably the only nation on the planet that could actually manage it.

This is why I'm such a fan of the technology, even if bitcoin in particular may be a flawed early implementation. The more technologies we can develop that make it hard for governments to oppress their citizens, the better.
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Bitcoin has a huge carbon footprint. It will literally contribute single-digits of our CO2 output just to mine it if value keeps rising. Hopefully it crashes and all mining stops.
 
Jeremy said:
I literally want to slam my head into a wall for hours when I think about how low the price was when I was fooling with BTC and how much money I could have right now.

My thinking was "lol, these fools. shits gonna crash any day now permanently"
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How many BTC did you have, and what did you sell them for? just curious.
 
iamblades said:
Thanks to the nature of the technology, such laws would be impossible to enforce though, without a total police state. North Korea is probably the only nation on the planet that could actually manage it.

This is why I'm such a fan of the technology, even if bitcoin in particular may be a flawed early implementation. The more technologies we can develop that make it hard for governments to oppress their citizens, the better.
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I don't think that is the case. All this hypothetical government would need to do would be to make it difficult to convert to / from the local currency, which would be easily within its power to do.

Yes, it would still be possible to deal in bitcoin using some criminal foreign intermediary, just like any other black market commodity, but why would anyone want to take on that additional risk and cost with their savings?
 
Not said:
Why is it surging right now?
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Currency wars and cash wars. Governments keep devaluing their own currencies and India banned some forms of cash. People don't won't the value of their money to go down so they buy Bitcoin. The Chinese yuan has lost quite a bit against the dollar this year so the Chinese think Bitcoin is safer in the long run.
 
x3sphere said:
Just hit $1123 on coinbase

Not far off the Bitfinex ATH ($1175).
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Bruuuuh my $10 ivestment a couple days ago has turned i to $11

I now understand the hype.

For real though, don't you have to pay a shitload of taxes on bitcoin profits in the US? Or am I imagining this
 
So you telling me like 5 years ago I coulkd have bought a 1000 of these "coins" for "cheap" and now sell them for a million? Is it actually possible to get real money for bitcoins?
 
Button said:
So you telling me like 5 years ago I coulkd have bought a 1000 of these "coins" for "cheap" and now sell them for a million? Is it actually possible to get real money for bitcoins?
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You mean if you get in early on a pyramid scheme you can profit from one? Yeah.

CrazyHorse said:
Currency wars and cash wars. Governments keep devaluing their own currencies and India banned some forms of cash. People don't won't the value of their money to go down so they buy Bitcoin. The Chinese yuan has lost quite a bit against the dollar this year so the Chinese think Bitcoin is safer in the long run.
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India didn't ban the cash outright, they banned the most commonly counterfeited bills and are having people exchange them for larger bills. Nobody lost money in India.
 
Conor_Fool said:
For real though, don't you have to pay a shitload of taxes on bitcoin profits in the US? Or am I imagining this
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They are considered a capital asset by the IRS. So you pay capital gains tax on profits.

This is part of what makes it infeasible to use as an everyday currency, though. You would need to keep track of the cost basis of everything and your tax filing would be hundreds of pages.
 
Also reminder: the blockchain is so unwieldy at this point (due to the intentional deflation and difficulty increase) that you need to pay bitfarms to confirm your transactions in a decent amount of time.

Meet the new boss, same as the old boss
 
FyreWulff said:
You mean if you get in early on a pyramid scheme you can profit from one? Yeah.



India didn't ban the cash outright, they banned the most commonly counterfeited bills and are having people exchange them for larger bills. Nobody lost money in India.
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I did say some forms of cash - not cash itself. Yes they didn't lose money but they do want to control their own money. Thus Bitcoin.

Bitcoin is a hedge against inflation and gives self-control. Good for bank runs and financial crises.
 
FyreWulff said:
Also reminder: the blockchain is so unwieldy at this point (due to the intentional deflation and difficulty increase) that you need to pay bitfarms to confirm your transactions in a decent amount of time.

Meet the new boss, same as the old boss
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Actually it's mainly due to the max block size cap not deflation and difficulty increase.
 
CrazyHorse said:
Actually it's mainly due to the max block size cap not deflation and difficulty increase.
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And people won't let it happen because they're afraid of it become easier.

Meanwhile China will eventually have a majority of the computing power on the blockchain and it'll go along with what they want anyway.
 
CrazyHorse said:
Currency wars and cash wars. Governments keep devaluing their own currencies and India banned some forms of cash. People don't won't the value of their money to go down so they buy Bitcoin. The Chinese yuan has lost quite a bit against the dollar this year so the Chinese think Bitcoin is safer in the long run.
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Bitcoin is not what to buy if you are afraid the value of your money will go down. It's volitile as hell. The only thing bit coin is good for is speculating.

Edit. My auto correct changed Bitcoin to but coin. Lol quite right.
 
Lol, that was quite interesting few days worth of price spikes and sudden drops. Dropped to 900 a few times, and then rebounded up to around 1050 or so, and then dropped again down to around 800.

One more reminder that this is incredibly volatile and nothing is for certain. Timing for me I suppose was somewhat fortunate, as I deposited a few thousand just before the drop by sheer accident in my betting account, so it wasn't a complete loss.
 
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